Decision on KPMG’s Audit of Carillion Delayed

The audit watchdog has delayed a decision on whether to bring enforcement action against KPMG over its work on collapsed outsourcing giant Carillion, citing an exceptionally large and complicated investigation, the Financial Times reported. The Financial Reporting Council said it would miss a self-imposed deadline to complete its probe into audit work carried out by KPMG, which was initially due this month. It will instead make a decision on whether to bring disciplinary proceedings against KPMG, which could include a hefty fine, this summer. “The scale and complexity of this case is exceptional, with a huge volume of documents and information that has had to be reviewed and analysed,” the FRC said in an update on Friday. Read more